Building Details

Year built 1983

Floors in Building 2

Listing Agency: Homesmart Realty South · HomeSmart International v***@hsrealtysouth.com Show Phone

Listed By: Maureen Matthews Show Phone

Added: Apr 27 Changed: Oct 19 Last Checked: Oct 25 at 2:06PM

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MLS# 2558291

Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Investment Insights

Based on property information with market context.

This office property includes 11 units within approximately 6,228 square feet of improvements. Several units are currently combined, creating a flexible multi-suite configuration. The improvements are described as post-Ida, and the building was constructed in 1983.

The property occupies an approximately 8,150 sqf lot at 2305 N HULLEN Street in Metairie, Louisiana. Off-street parking supplements the site, while public water service is available. The surrounding area includes office, retail, and service uses within a high-density development setting.

Key Highlights

• 11‑unit office property with several units currently combined
• Approximately 6,228 square feet of improvements
• Approximately 8,150 sqf lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$74,885

Cap Rate

8.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,497,700 $1.5M

Cap Rate 7%

$1,069,786 $1.1M

Cap Rate 9%

$832,056 $832.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,228 SF

Gross rent

$124.8K $20.04/SF

− Vacancy

−$25.0K −$4.01/SF

EGI

$99.8K $16.03/SF

− OpEx

−$25.0K −$4.01/SF

NOI

$74.9K $12.02/SF

Area

Metairie, LA

Vacancy

20.00%

Lease Rate

$20.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,497,700

Cap Rate 7%

$1,069,786

Cap Rate 9%

$832,056

Alternative Uses

Best Use

Office B

$1.07M

$936.1K – $1.25M (±1% cap)

NOI $74,885 @ 7.0% cap · market cap 8.37%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.46M

$1.28M – $1.70M (±1% cap)

NOI $102,091 @ 7.0% cap · market cap 11.41%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Art Launch Nola Vocational School Studio Wildflower Hair ... Hair Salon Solace Château Psychotherapist Remarkable Landscaping Landscaping Drewpeutic Massage Therapy ... Alternative Medicine Practice

Suggested Use

Top Pick Parking Lot & Garage Daycare Center Tattoo & Piercing Shop (Bike/Boat/Book/etc) Store Pet Grooming Service Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

11

Office units

Location Intelligence

Trade Area within ½ mile

1,961

Businesses Nearby

Explore this area Business Placement

Demographics for 70001, LA

40,068

Population

19,103

Households

2.1

Avg Household Size

39

Median Age

37%

College-Educated

93%

High-School Grad

6.5 sq mi

ZIP Area

6,164

Density / Sq Mi

$70,187

Median Household Income

$43,662

Median Earnings

$1,145

Median Rent

$313,300

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Multi-suite office property with off-street parking and public water service.

Where is this office building located?

The property is located at 2305 N HULLEN Street Metairie, LA.

What is the asking price?

The asking price for this property is $895,000.

What are key features of this property?

This property features: 11‑unit office property with several units currently combined; Approximately 6,228 square feet of improvements; Approximately 8,150 sqf lot